% WARNING: This file may contain UTF-8 (unicode) characters.
% While non-8-bit characters are officially unsupported in BibTeX, you
% can use them with the biber backend of biblatex
%    usepackage[backend=biber]{biblatex}

@techreport{NBERw19442,
 title = "The Possible Unemployment Cost of Average Inflation below a Credible Target",
 author = "Svensson, Lars E.O.",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "19442",
 year = "2013",
 month = "September",
 doi = {10.3386/w19442},
 URL = "http://www.nber.org/papers/w19442",
 abstract = {If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the target, the long-run Phillips curve becomes non-vertical. During 1997-2011, average inflation expectations in Sweden have been close to the inflation target of 2 percent, whereas average inflation has fallen short of the target by 0.6 percentage points. The estimates reported suggest that the slope of the long-run Phillips curve is about 0.75. Then the average unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large unemployment cost of undershooting the inflation target.},
}